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June 20, 1903
KECORD AND GUIDE
1221
!ipii.
Xte&nD ID RfV- Estate . Buildij/g AfiafiTEcmmE i{ousoiou> DebchjudH.
Busb/ess Alio Themes Of GeiJer^ iKTERfsj.
PRICE PER YEAR IN ADVANCE, SIX DOLLARS
PubHsfied eVery Satardag
Communications should ba addreaaed to
C. W. SWEET, 14-16 Vesey Street, New Yorh
j. T. LINDSEY. Business Manager Telephone, Cortlandt 31BT
-Entered at fhe Post Office at New York. Jf. T.. as second-clasa matter."
Vol. LXXI. JUNE 20, 1903. No. 1840.
THE stock market during the, week past has not exhibited
any very decided tendencies. It is quite apparent, how¬
ever, that the bear ammunition has been pretty completely shot
away. A twice-told tale may have a charm as literature, but it
never possesses much of its original force subsequently upon
the investor. On the other hand, the facts and conditions that
are making for higher prices have not yet disclosed themselves
in that clear and obvious form which the optics of the ordinary
man demands hefore he can see them and be induced to act
upon them. There are immediately ahead, however, a number
of events that may be counted upon to help the market and
develop a proper appreciation of stocks at current prices. On
the 27th, for instance, the Pennsylvania subscriptions will be in
and it will be seen then that stockholders have taken all the
new stock without any dislocation of the money market. Again,
as we all know, Mr. Morgan will soon be home. The Concilia¬
tion Anthracite Coal Board is to hold its flrst meeting, and
some of the sense of uneasiness that arises in that direction will
be removed. Moreover, we shall soon hear that the chief of one
of the largest of the "Industrials" has resigned. Klondike gold
is due to arrive, and the continuance of another week of sun¬
shine in the West will give an additional assurance as to
the splendid crop outlook. It should also be noted that the
labor situation is generally improving. As any and each of
these points develop themselves an accompanying improvement
in the general tone of the market is pretty sure to result.
We have seen every available scare used of late to depress
prices, and it is now in order that the "other side" should be
heard from,
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ONE of the worst obstacles to the advance of American art
has always been the pressure which is brought to bear
upon American artists of all kinds to adopt the most up-to-date
and business-like methods in their work; and evidence of this
pressure and the idea that accompanies it may be plainly seen
in tbe assignment to Mr. Philip Martiny of the work of design¬
ing the remaining sculpture which is to be placed on the new
Hall of Records. The amount of this sculpture is very con¬
siderable. There are to be two big seated groups near the street
at the entrances on Chambers and Centre Streets, four portraits
of tbe Governors of the Colony under the Dutch, and over these
four rondos in relief, with historical subjects. In addition, there
are to be standing figures, portraits, of distinguished New
Yorkers, between the windows of the second story, below the
eaves. All these groups, flgures and reliefs Mr. Martiny is
supposed to model in three years; and if he succeeds in accom¬
plishing the task he will undoubtedly have a right to be called
the best contract sculptor in the country. He will he able to
model or have modeled a large number of flgures in a shorter
space of time for a smaller sum of money than any other
reputable American sculptor. The idea at the bottom of such
an agreement is that a sculpture contract should be given out
like any other contract, and the lowest bidder, all things con¬
sidered, should get the job; and if it prevails our new public
buildings will undoubtedly be decorated at a very cheap price
and in a very short time, with some of the most mechanical and
worthless statuary which New Yorkers have ever seen. On the
other hand, another recent example shows just as plainly how
sculpture contracts should be given out. in case you want not
cheap and quick sculpture but beautiful and expensive sculpture,
Mr. Augustus St. Gaudens obtained the commission for design¬
ing the equestrian statue of General Sherman some eleven
years ago. He was paid what was considered to he a very high
price, and was allowed as much time as he needed. Doubtless
no man whose reputation was less considerable and whose
qualifications for that particular task were smaller would have
been granted such terms; but at any rate the sculptor was given
the time and money he needed to keep making his changes and
improvements until be had perfected his original conception.
The result is a masterpiece, and who shall say that it is not
worth all that it cost and much more? But Mr, St, Gaudens
actually gave as much of his personal labor—three years—to
this one group as Mr, Martiny will give to seven or more of
flgures and reliefs intended for the Hall of Records; and it may
be confidently predicted that if the Sherman is worth incom¬
parably more than a big price. Mr. Martiny's contract sculpture
will be worth very considerably less than a small one.
THE Borough President, Mr, Cantor, has exhibited com¬
mendable enterprise in having plans drawn for a subway
whereby the Broadway cars can get through Greeley Square at
a lower grade than that used by the Sixth Avenue and the 34th
Street crosstown lines. These plans simply carry out one of the
suggestions of the State Railway Commission, and, considering
the desirability of the improvement, should not meet with any
opposition- Objections, if at all, are likely to come from only
two sources. In the flrst place, this subway may conflict with
the plans for the proposed rapid transit subway on Broadway
from 42d to 14th Street; but if sn we have no hesitation in say¬
ing that the plans for the rapid transit subway should if pos¬
sible be modifled. It is very much to be hoped that the Rapid
Transit Commission will alter its chief engineer's suggestion in
this particular, and lay out the West Side extension along
Seventh Avenue; but if it should decide to cleave to the nar¬
rower Broadway route, the bigger subway should be run deep
enough to allow the smaller one to go over it. Obviously some
provision must be made for the congestion of surface trafflc on
Greeley Square. It is bad enough at the present time. Five
years from now, when the Pennsylvania tunnel will be in use,
it will have become intolerable; and to run a rapid transit
tunnel under the Square in such a fashion that no alleviation
could be given to the intersecting surface trafflc would constitute
an inexcusably short-sighted method of dealing with a serious
transit complication. Objections may also be made on the score
that the city will bear the expense of this proposed subway,
while the Metropolitan Railway Company will get the advan¬
tage of it. But surely the railway company would agree to lease
the tunnel for flve per cent, of its cost. It would be an enor¬
mous advantage to the company in the prompt handling of its
traffic, and would be worth far more to it than the small rental
that would have to be paid. Should the company refuse to pay
such a rental a difficult dilemma would be created, for it is cer¬
tainly bad policy to allow a private company such a facility at
a considerable expense to the city treasury without securing
adequate remuneration. But this dilemma need not be feared
until it actually arises. It is sufficient for the present that such
a tunnel is an early necessity, and that preliminary steps should
be taken to have it constructed. There is no square in the city
which is likely to be in a worse congested condition than
Greeley Square unless prompt measures are taken to secure
adequate relief.
THE admission on the part both of the Chief Engineer and
the Contractor of the Subway that no trains will be run¬
ning during the current year will be a great disappointment
to New Yorkers, Tbe residents of the West Side particularly
have been looking forward to some relief from the delays and
discomforts of their present means of communication during
the coming winter, and the assurance that owing to delays for
which the strikers are in the main responsible they will have
to pull through the coming winter without any betterment of
their situation will not be very patiently received. For our own â–
part, we doubt very much whether many trains will be running
by July 1, 1904, for it may be reasonably inferred that the re¬
mainder of the work will not be completed without other delays
of the same kind; and this fact should stimulate the Rapid
Transit Commission to reach some speedy agreement with the
management of the elevated roads which will enlarge the
capacity of that system. During the height of the travel last
winter the transit situation became well-nigh intolerable; but
intolerable as it was it promises, unless some measure of im¬
provement is afforded, to be very much worse during the coming
winter months. The better facilities for boarding trains at some
of the downtown and uptown stations will help; but what is
particularly needed is a more considerable train service; and
so far as has been announced nothing has yet been done to
provide it. We do not understand why the Rapid Transit Com¬
mission has not acted more promptly in this all-important mat¬
ter. It is some four or flve months since the chief engineer
proposed certain very desirable increases in the trackage of the
elevated roads; and since the situation is so critical, that part
of his recommendations should have received the immediate at-